They had also increased by 0.8 per cent from the previous quarter and by 0.2 per cent from October to November, taking the average UK property value to £218,002.

Despite values having increased for the third consecutive month and the annual property price growth hitting the highest level since August 2016, there is still a lack of confidence in the industry.

According to the Halifax Housing Market Confidence Tracker, consumer sentiment regarding whether values will be higher or lower in a year’s time dropped by 14 points from March 2016.

This is also when the annual house price growth reached its peak of ten per cent, after which it has been on a steady downward trend.

Halifax’s housing economist Martin Ellis said: “Heightened affordability pressures, resulting from a sustained period of house price growth in excess of earnings rises, appear to have dampened housing demand, contributing to the slowdown in house price inflation.”

However, he suggested that low mortgage rates and a lack of properties for sale should “help support price levels” over the next few months.

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